Quote:
Originally Posted by Azstar
It is being developed by my neighbor who owns the property. I saw preliminary plans for the two story "villas", as they are being called. Architect is Corky Poster. Project is tentative, and although I'm really hoping it happens, the new townhomes on 21st offered for sale late last year have not sold a single one. And, they're really beautiful. Demand for downtown housing seems pretty weak. There are a lot of homes which have been on the market for almost a year, and a few that have been on the market for over 5 years.
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My wife and I are actively looking to move downtown. We had our hearts set on Mercado, but the prices are a little out of our budget. Those houses seem to be selling well. I watch a few to see if the price will drop, but the houses sell before any significant price drop.
We also looked at the houses on 21st. Those are nice houses and at a reasonable price. However, we need a two car garage and most of those have only a single parking space. That is actually a common problem we encounter with homes downtown - one car garages or a single parking place. We discussed this with the agent selling the houses on 21st. He said that their current plan was not to include more than one car spot for future houses, but the request for bigger garages was common. He said they may actually redesign a few of the lots they have to include more spots.
Additionally, some current homeowners and builders downtown are trying to strike it rich with the booming location. There are houses for sale in Armory Park, Presidio, etc that are going for way more money than they are worth. We have visited a few and noted that after purchase, we would need to put in 100K-150k in renovations just to modernize or resolve issues on the structure. Sellers are looking for 300-400k as a purchase price. I just don’t see that as worth it to me.
I understand the location is a driving price point but as you stated, buyers are not flocking to these homes. Now, I am thinking that we will sit tight and wait to see if there is another downturn in the economy that drives prices lower. If not, we will stay in the suburbs and drive everywhere :/